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Reduce the Risk of Self-Funded Benefit Plans


Posted by skymedicus STAFF on 7/27/2017 2:34 PM | Last Modified: September 26, 2017


With the cost of healthcare rising, looking outside the US for healthcare is a cost-effective option. Hip replacement surgery in the US can cost over $80,000. Through SkyMedicus, the same procedure can be done in another country for under $20,000. Medication in the US can also be very expensive. The same Hep-C medication that costs $84,000 for a 12-week treatment can be discounted by 80% elsewhere. The cost savings provided by SkyMedicus can reduce the risk of offering self-funded benefit plans.

Self-funded benefit plans are common with large corporations that can easily afford to cover health insurance for its employees and handle the few larger claims that employees may make. The benefit is that the company is able to save money on the many employees who do not make large insurance claims. However, medium and even small companies can benefit from offering their employees insurance through self-funded benefit plans. The benefits of such plans are hard to deny and there are ways of reducing the risk.

With self-funded insurance, the company will pay for the claims made by their employees as they occur. The benefits of this are that the company will only pay for the healthcare that their employees need. Detailed reports of claims that were made are easily accessible at the end of every year so that companies can easily track spending, which allows employers to create wellness programs to promote healthy living and reduce the type of insurance claims being made. Self-funding means that employers can chose the exact insurance plan that they want to offer to their employees, regardless of the state that the employee lives.

When the employer becomes responsible for all the healthcare claims, there is a risk that the employees will have many large claims that the company will then be responsible to pay. Brokers, the people who mediate between the company and healthcare service providers, often offer stop-loss insurance policy reimbursement. This provides an upper limit to how much an employer will have to pay in a year that has multiple expensive claims. Being self-funded also allows companies to be innovative, in ways like offering the services provided by SkyMedicus to their employees. By utilizing SkyMedicus, companies can greatly reduce their healthcare spending, which increases the savings from self-funded insurance plans.

Learn More

To learn more about what SkyMedicus can offer your company, contact the SkyMedicus team today. Your consultation with us is free, and we never charge a fee of any kind unless and until you choose to book your treatment with us. Our focus is on your well being – not on your wallet!

For more information on medical tourism and factors that you need to consider to have a safe and successful experience, download our FREE eBook:

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Topics: Insurance


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